Maxx, Marshalls and Winners and offers the same type of merchandise. We make 8K regulatory filings. We must also properly execute our inventory management strategies through appropriately allocating merchandise among our stores, timely and efficiently distributing inventory to stores, maintaining an appropriate mix and level of inventory in stores, appropriately changing the allocation of floor space of stores among product categories to respond to customer demand and effectively managing pricing and markdowns. At January 29, 2011, we had approximately 166,000 employees, many of whom work less than 40 hours per week. Our company prepares S-1 financial filings. In addition, we hire temporary employees, particularly during the peak back-to-school and holiday seasons. Relocated stores and stores that have increased in size are generally classified in the same way as the original store, and we believe that the impact of these stores on the consolidated same store percentage is immaterial.
This removes the effect of changes in currency exchange rates, which we believe is a more accurate measure of divisional operating performance. Managing Director of Owen Owen plc from 1990 to 1993 and Merchandise Director from 1987 to 1990. Regardless of merit, litigation may be both time-consuming and disruptive to our operations and cause significant expense and diversion of management attention. Further, expansion places significant demands on the administrative, merchandising, store operations, distribution and other organizations in our businesses to manage rapid growth, and we may not do so successfully. Through our opportunistic purchasing, we are generally able to react to price fluctuations in the wholesale market to maintain this pricing. Plus, encryption controls may not have been sufficient for customer data, either stored or transmitted to outside parties. Maxx 307 263 235 HomeSense 24 14 7 Total 331 277 242 Selling square footage at end of period in thousands T.
HomeGoods offers a broad array of giftware, accent furniture, lamps, rugs, accessories and seasonal merchandise for the home. The 142 stores open at year-end include 87 stand-alone stores and 55 superstores. Senior Vice President, General Merchandise Manager of the T. New stores may not achieve the same sales or profit levels as our existing stores, and new and existing stores in a market area may adversely affect each other's sales and profitability. Therefore, even those systems designed to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. At January 29, 2011, we also operated 142 A.
Maxx, Marshalls or HomeGoods portion of a superstore. We define value as the combination of quality, fashion and price. If we fail to comply with these laws, rules, regulations and orders, we may be subject to fines or other penalties, which could materially adversely affect our operations and our financial results and condition. We currently operate a total of 131 Winners stores which average approximately 28,000 square feet. Wright chains in the United States, our Winners chain in Canada and our T. We use the Black-Scholes option pricing model for determining the fair value of stock options granted, which requires management to make significant judgments and estimates. Maxx is the only major off-price retailer in any European country.
Wright and other former businesses are long-term obligations, and the estimated cost to us involves numerous estimates and assumptions including when and on what terms we will assign the lease, or sublease the leased properties, whether and for how long we remain obligated with respect to particular leases, the extent to which assignees or subtenants will fulfill our financial and other obligations under the leases, how particular obligations may ultimately be settled and what mitigating factors, including indemnification, may exist to any liability we may have. This is also true for check information and approval. Fiscal 2011 general corporate expense was relatively flat to the prior year. Wright chains in the United States, our Winners chain in Canada and our T. With our online proofs, last-minute changes are no problem With multiple participants involved in preparing and auditing your filing, last-minute changes are a fact of life. We also saw a lift in the net sales of stores renovated during the year. We expect to add 13 Winners stores in fiscal 2004.
A company's internal control over financial reporting includes those policies and procedures that i pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; ii provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and iii provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Our company also does 10-Q filings. We have grown our business in part through mergers and acquisitions and may acquire new businesses or divest, close or consolidate current businesses. The market for retail management is highly competitive and, in common with other retailers, we face challenges in securing sufficient management talent. We have positioned ourselves as a synergistic group of off-price businesses and have expanded our off-price concept to new geographic areas, new product lines and new demographic markets. Our key strengths include: expertise in off-price buying; substantial buying power; relationships with many manufacturers and other merchandise suppliers; and off-price inventory management systems and distribution networks. Both chains offer family apparel, accessories, giftware and domestics.
We may do a less-than-optimal job of evaluating target companies and their risks and benefits, and integration of acquisitions can be difficult and time-consuming. Our vendors and others in our supply chain are also subject to risks of labor issues, financial liquidity, weather and other natural disasters, economic, political and regulatory conditions and other matters that could affect our ability to receive and provide to our stores acceptable merchandise in adequate quantities on a timely basis. We also have contingent obligations in connection with some assigned or sublet properties that we are able to estimate. Failure to attract and retain quality sales, distribution center and other associates in appropriate numbers as well as experienced buying and management personnel could adversely affect our performance. See Note C to the consolidated financial statements for more information.
Our company does S-1 filings. We determine the timing and amount of repurchases made directly and under Rule 10b5-1 plans from time to time based on our assessment of various factors including anticipated excess cash flow, liquidity, market conditions, the economic environment and prospects for the business and other factors. We continue to pursue cost savings in our operations. Senior Executive Vice President, Chief Financial Officer, from March 2004 to September 2006, Executive Vice President, Chief Financial Officer effective February 2004. Such increases are expected to increase the cost of merchandise, which could adversely affect our performance through potentially reduced consumer demand or reduced margins. Maxx or Marshalls store in a superstore format that we call T.
Such statements give our current expectations or forecasts of future events; they do not relate strictly to historical or current facts. Maxx and Marshalls referred to together in the U. This is common in the apparel retail business. Our company does 10-K filings. We are required to make assumptions regarding variables, such as the discount rate for valuing pension obligations and the long-term rate of return assumed to be earned on pension assets, both of which impact the net periodic pension cost for the period.
As an estimate, the reserve is subject to uncertainty, actual costs may vary from the current estimate, however such variations are not expected to be material to our results. We believe that Canada could support approximately 80 HomeSense stores in the long-term. We enter into derivative contracts only for the purpose of hedging an underlying economic exposure. Additionally, for fiscal 2010, buying and occupancy expense leverage was offset by higher accruals for performance-based incentive compensation as a result of operating performance that was well ahead of our objectives. Maxx, Marshalls and HomeGoods stores in California, including store managers and assistant store managers, were improperly classified as exempt from California overtime laws and seek recovery of overtime pay allegedly owed, penalties, punitive damages and injunctive relief. owned and 189,000 s.